PetroleumBrunei denies Block M extension bid

Denied: bid for extension on Block M in Brunei rejected

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Luke Johnson

 27 August 2012 22:48 GMT

A group hoping to launch the second phase of an onshore exploration programme in Brunei's Block M has been denied an extension of the terms of a production sharing agreement that expired on Monday.

Poland-based Kulczyk Oil Ventures, which owns and 36% interest in the block through its subsidiary KOV Borneo Limited, said that a request from the joint-venture group looking to develop the acreage had been refused by state-owned PetroleumBrunei.

The request for an extension was made after a drilling contractor selected by the joint venture in August 2011 unexpectedy withdrew its bid in November. Kulczyk and its partners were not able to find a qualified replacement in the ensuing months and had to re-tender in January of this year, the Polish company said…

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